It’s early days but auction markets rise

Ahmad Imam Square Wide Lo Rez 400.jpgdr Andrew Wilson This weekend’s auction clearance rates produced some encouraging early season results for sellers with signs that the market gloom and negativity widely predicted for the start of this year may have been oversold.
Although rates remain lower than the same weekend last year, they are nonetheless well above the record lows recorded by both Melbourne and Sydney last December.
Listing numbers however understandably remain well below last year at the same time with sellers still somewhat hesitant to test the waters – as yet.
But if markets can build on todays figures over coming weekend as listings rise, confidence will certainly start to return to our housing markets.
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About

Dr Andrew Wilson, of www.MyHousingMarket.com.au is Australia’s leading property economist.


'It’s early days but auction markets rise' have 4 comments

  1. Avatar for Property Update

    February 10, 2019 Jimmy

    Investors selling doesn’t seem to fit into these 2 types. I noticed lots of properties purchased in around 2014 are getting sold on realestate.com

    Reply

    • Avatar for Property Update

      February 10, 2019 Michael Yardney

      They fit in the first category – financial circumstances – stats show 20% of sell up in the first year or two and 50% sell up in the first 5 years – unfortunately most investors get it wrong

      Reply

  2. Avatar for Property Update

    February 10, 2019 Financial Gladiator

    So if I do the maths here for a minute last year 306 properties were sold over a weekend in Sydney via Auction and now it is 186… that‘s a 40% decline YoY. The only reason people are throwing properties onto the market is because of the propert price declines forecasted for 2019 and 2020 and they don’t know if they can afford holding out the storm. Why else would you sell during a declining house pricing market?

    Reply

    • Avatar for Property Update

      February 10, 2019 Michael Yardney

      There are 2 types of property sellers:-
      1. Motivated sellers who have personal reasons they need to move including death, divorce, new baby, new job, financial circumstances etc
      2. Discretionary sellers – who would like to move or upgrade their homes.

      There is no doubt that those in category #2 are sitting on the sidelines waiting, but clearly not all sellers are panicking

      Reply


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